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1 <br /> charge a monthly rent (including utility allowances) to tenants of the City AHTF-Assisted <br /> Units for housing in the Premises that shall not exceed one-twelfth of thirty percent <br /> (30%) of the target population income standard established by this Section II. <br /> III. TERM OF AGREEMENT <br /> The term of this AHTF Agreement begins on the date of the Agreement and expires on <br /> the earlier of(i) forty (40) years from the date the Project certificate of occupancy is <br /> issued or (ii) such time as the Agency causes to be paid in full the entire principal and <br /> accrued interest due under the terms of the Promissory Note. This Agreement may be <br /> terminated by the City prior to its expiration date as provided in Section XVI hereof. <br /> Following expiration or termination of this Agreement, the Agency's obligations to the <br /> City shall remain in full force and effect until all closeout requirements are completed. <br /> Closeout requirements comprise all actions required to demonstrate to the City's <br /> satisfaction that all terms and conditions of the Agreement have been fulfilled, including, <br /> but not limited to, issuance of the certificate of occupancy; inspection of the final Project; <br /> and letters from other funders evidencing their satisfaction with the Project and stating <br /> that there are no outstanding issues that would cause their withholding of funds. <br /> IV. PAYMENT AND DISBURSEMENTS <br /> Disbursement by the City pursuant to this AHTF Agreement shall be used by the Agency <br /> to retire the interim financing used by the Agency to acquire the Property and to pay part <br /> of the costs for development and construction of the Project. <br /> To receive the disbursement of funds, the Agency shall submit to the City a Request for <br /> Reimbursement/Actual Expenditure Report, in the form of Exhibit F attached hereto and <br /> incorporated herein by this reference, together with a Report of Actual Expenditures, in <br /> the form of Exhibit G attached hereto and incorporated herein by this reference and <br /> supported by the final closing statement, and submit them to the City with adequate <br /> notice to allow processing by the City. Each Request for Reimbursement shall be <br /> submitted by the Agency only for funds needed for payment of eligible Project costs and <br /> payment will be limited to the amount so needed. <br /> The City reserves the right to withhold payments pending delivery of Project reports or <br /> documents as may be required under this AHTF Agreement. All disbursements under <br /> this AHTF Agreement shall be subject to audit and recovery of disallowed costs. <br /> V. BUDGET REVISIONS <br /> Any proposed revisions to the Project Budget line items to be paid with funds under this <br /> AHTF Agreement that exceed 10% must be submitted in writing by the Agency to the <br /> City for approval. Written approval by the City of revisions to the Project Budget must be <br /> received by the Agency before it incurs any expenditures or obligations against the <br /> revised Project Budget. Notwithstanding the foregoing, no revisions to the Project <br /> Budget shall increase the Loan amount set forth in Section I-A, which Loan amount may <br /> City of Everett <br /> AHTF Agreement <br /> Washington Home of Your Own <br /> 9 Page 4 of 15 <br />